246

HISTOBY OP UNGLANTl.

(MAP.

XVIH.

11,91.

price in the market was only seventy. But in 1G77 the price hadrisen to two hundred and forty five: in 1G81 it was three hun-dred: it subsequently rose to three hundred and sixty; and it issaid that some sales were effected at five hundred.*

The enormous gains of the Indian trade might perhaps haveexcited little murmuring if they had been distributed amongnumerous proprietors. But while the value of the stock wenton increasing, the number of stockholders went on diminishing.At the time when the prosperity of the Company reached thehighest point, the management was entirely in the hands of afew merchants of enormous wealth. A proprietor then had avote for every five hundred pounds of stock that stood in hisname. It is asserted in the pamphlets of that age that fivepersons had a sixth part, and fourteen persons a third part ofthe votes.** More than one fortunate speculator was said toderive an annual income often thousand pounds from the mono-poly; and one great man was pointed out on the Royal Exchangeas having, by judicious or lucky purchases of stock, created inno long time an estate of twenty thousand a year. This com-mercial grandee, who in wealth and in the influence whichattends wealth vied with the greatest nobles of his time, was SirJosiah Child. There were those who still remembered him anapprentice, sweeping one of the counting houses of the City.But from a humble position his abilities had raised him rapidlyto opulence, power and fame. At the time of the Restorationhe was highly considered in the mercantile world. Soon afterthat event he published his thoughts on the philosophy of trade.Ilis speculations were not always sound: but they were the spe-culations of an ingenious and reflecting man. Into whatever

* Anderson’s Dictionary; G. White’s Account of the.'Trade to the EastIndies, 3691; Treatise on the East India Trade, by Philopntris, 1681.

** Reasons for constituting a New East India Company in London, 1681 ;Some Remarks upon the Present State of the East India Company’s Affairs,—1690. w

r.